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SPEAK OF THE KIDS WILL HAVE TO
MAKE IT ON THEIR OWN.
SOME OF THE WORLD’S MOST HIGH
PROFILE BILLIONAIRES, INCLUDING
MARK ZUCKERBERG, WARREN BUFFETT,
AND BILL AND MELINDA GATES,
THINK THEIR CHILDREN WON’T
INHERIT THEIR VAST PILES OF
WEALTH.
THEY PLAN TO DONATE THE CHARITY.
THEY WANT TO TEACH THEIR KIDS
THE VALUE OF HARD WORK.
SOME CELEBRITIES WANT TO DO THE
SAME.
A LONG-TERM FINANCIAL PLANNER
SAYING THIS, WHAT I’VE SEEN FROM
OTHER PARENTS IS THAT THEY DON’T
WANT TO PROVIDE TOO MUCH MONEY
THAT THEY TAKE AWAY THEIR
CHILD’S SENSE OF PURPOSE.
IF YOU LEAVE HUNDREDS OF
MILLIONS OF DOLLARS TO A CHILD,
THERE IS A POTENTIAL THEY WON’T
HAVE WORK ETHIC AND WILL SIT
AROUND LIVING OFF THE MONEY.
THAT’S NOT HEALTHY.
MOST PEOPLE NEED TO WORK TO FEEL
FULFILLMENT IN LIFE.
DAVID, I AGREE WITH THE
SENTIMENT.
HOWEVER, WHEN I LEAVE THIS DIRT
THE PERSON DECIDING THE WHERE
THE MONEY GOES TO IT’S MY CHILD,
WITH THE VALUES THAT I’VE
INSTILLED IN THEM.
>> THIS IS A CONVERSATION THE
ELITE HAVE WITH ONE ANOTHER.
ONLY 3% OF AMERICANS GET A MORE
THAN A MILLION DOLLARS FROM
THEIR PARENTS.
MOST OF US HAVE TO WORK REALLY
HARD OUR ENTIRE LIVES TO GET
WHAT WE ACHIEVE IN THIS LIFE.
NOW, JOE BIDEN AND AOC AND THE
SQUAD MAY TAKE CARE OF THAT IF
THEY CONTINUE TO RAISE TAXES AS
THEY SEEM TO DO ON AMERICANS,
THEY MAY WIPE OUT A LOT OF
WEALTH.
ALL OF THAT TO SAY THE GREAT
IRONY HERE IS THAT FOR THESE
ELITES WHO ARE TALKING ABOUT
GIVING INSTEAD THEIR MONEY TO
CHARITY INSTEAD OF TO THEIR
KIDS, THEY ARE ULTIMATELY GIVING
IT TO PROGRESSIVE GROUPS THAT
ARE DOING THE VERY THINGS THAT
ARE GOING TO MAKE IT IMPOSSIBLE
FOR THEIR CHILDREN TO HAVE A
GOOD LIFE, WHICH IS THE GREAT
IRONY INSTEAD OF JUST GIVING TO
THE KIDS AND LETTING THEM
PROSPER.
>> JILLIAN, WARREN BUFFETT DOES
MAKE A GOOD POINT EXPLAINING HIS
RATIONALE.
HE WANTS TO LEAVE HIS KIDS JUST
ENOUGH SO THEY FEEL LIKE THEY
COULD DO ANYTHING, BUT NOT SO
MUCH THEY FEEL LIKE DOING
NOTHING.
>> I THINK I CAN GET ON BOARD
WITH THAT.
I’M THINKING ABOUT THIS, LIKE
HYPOTHETICALLY IF I WAS A
BILLIONAIRE WHAT WOULD I DO?
LIKE WHAT WHAT I DO IF I WAS A
FERRET?
I THINK I WOULD COME OUT SOME
MORE REASONABLE, LIKE
WARREN BUFFETT, BECAUSE NOW
HAVING A DAUGHTER IT’S VERY HARD
TO THINK WELL IF I HAD THIS
MONEY I COULD CONCEIVABLY SAY TO
WHERE YOU KNOW WHAT?
I’M NOT GOING TO MAKE SURE THAT
YOU AND YOUR CHILDREN ARE OKAY
FOR THE REST OF YOUR LIVES, I’M
GOING TO GIVE EVERYTHING TO
CHARITY.
THAT SEEMS A LITTLE BIT HARSH.
AT THE SAME TIME, I GREW UP IN
NEW YORK CITY AND I’VE SEEN THE
PERILS FIRSTHAND OF CHILDREN
THAT ARE EXPOSED TO AN OVER
ABUNDANCE OF PRIVILEGE FROM DAY
ONE, IT USUALLY BACKFIRES.
IT USUALLY HURTS THEM.
WARREN BUFFETT IS RIGHT ABOUT
THAT.
TELL ME A FAMILY THAT’S HAPPIER
BECAUSE THEY ARE WEALTHY.
SHOW ME A CHILD THAT GREW UP WHO
DIDN’T HAVE TO WORK AND DECIDED
NOT TO WORK AND IS ACTUALLY A
BETTER, HAPPIER ADULT AS A
RESULT OF IT.
I’VE NOT REALLY SEEN THAT.
I THINK IT’S PROBABLY DUTCH
LOOK, IF YOU ARE A BILLIONAIRE
IN THIS POSITION IT IS A GOOD
PROBLEM TO HAVE.
BUT I DON’T ENVY THEM IN THAT
SENSE.
>> KENNEDY, WILL YOU BE GIVING
OUR VAST BILLIONS TO YOUR
CHILDREN?
>> I’M EXCITED ABOUT THAT, ONCE
I GET VAST BILLIONS I’M JUST
GOING TO ENJOY IT FOR A WHILE,
THEN I WILL PROBABLY THINK ABOUT
IT.
ALL PROBABLY THINK NOW, I’M
KEEPING MY VAST BILLIONS INSTEAD
OF GIVING MY VAST BILLIONS --
THEN AT THE LAST MINUTE I’M
GOING TO CAVE AND BUY THEM EACH
A GOLDEN ROCKET SHIP.
AND HOPEFULLY FROM YOUR LIPS TO
GOD’S EARS THAT HAPPENS.
I DO LIKE THE FACT THAT THERE IS
MORE INVESTMENT IN PRIVATE
CHARITY.
I THINK THAT’S A MUCH BETTER
DIRECTION FOR HUMAN BEINGS TO GO
AND THEN A CONCENTRATION OF
WEALTH AND CENTRALIZED
GOVERNMENT.
I DON’T HAVE A PROBLEM WITH THAT
THAT.
WITH BILL AND MELINDA GATES AND
THEIR DIVORCE, I BET BILL GATES
WAS THE ONE THAT’S LIKE THE KIDS
AREN’T GOING TO GIVE THEM ANY
MONEY BETTER NOW THAT THEY ARE
SPLIT, MELINDA’S LIKE YOU CAN
HAVE ALL OF YOUR DAD’S BILLIONS.
I THINK THEY ARE PROBABLY GOING
TO AMEND THAT CLAUSE.
>> I WAS THINKING ABOUT THAT IN
THE MIDST OF THE DIVORCE,
BILL GATES IS WORTH ABOUT A
HUNDRED $30 BILLION.
THERE WAS REPORTING BACK IN 2011
THAT HE WAS GOING TO GIVE HIS
KIDS $10 MILLION EACH.
THAT’S QUITE A SOME.
I THINK I COULD LIVE WITHOUT OF
MY DAD IS LIKE HERE IS
$10 MILLION.
I THINK I COULD RETIRE
COMFORTABLY ON THAT AMOUNT RIGHT
NOW.
I WILL SAY TO GILLIAN’S POINT,
THE MEDIA FULFILLMENT AND COME
FROM A SENSE OF PURPOSE.
IT COMES FROM FAMILY VALUES AND
FEELING CONNECTED WITH OTHERS.
THAT’S TRUE AND UNRELATED FROM
WEALTH OR MONEY.
I THINK IF I HAD VAST BILLIONS,
I WOULD HONOR THE FACT THAT I’M
LIVING IN A SOCIETY WHERE
EDUCATION AND TRAVEL AS
POSSIBLE.
I THINK I WOULD WANT TO -- I’M
GOING TO SAY THIS NOW SO I CAN
CHANGE MY MIND, I WOULD WANT TO
TREAT MY CHILDREN TO THE
EDUCATION THAT THEY COULD HAVE
ACCESS TO TO TRAVEL SO THAT THEY
COULD SEE THE REALITIES OF THE
WORLD SO THEY ARE EXPOSED TO
OTHER CULTURES AND NEEDS
THROUGHOUT THE WORLD AND THEY
COULD USE THEIR EDUCATION FOR
GOD.
I AGREE THAT A LITTLE BIT OF IT
IS HEALTHY AT BUT TOO MUCH CAN
BE CRUEL.
I WOULDN’T THAT’S WHAT IS THE
SAME?
IT TAKES A LIFETIME TO CREATE
WEALTH AND A GENERATION TO
DESTROY IT.
ABSOLUTELY I THINK THE BEST
THING YOU CAN DO IS TO INSTILL
IN YOUR CHILDREN A SENSE OF
RESPONSIBILITY AND
RESPONSIBILITY ITSELF AND NOT